Social Security Contribution Rate Increase Deferred

The working class can breathe a sigh of relief tonight as the Social Security Board announced that the Contribution Rate increase scheduled to take effect in 2021 has been deferred. The Contribution Rate was scheduled to increase from nine percent to ten percent with the wage ceiling increasing from four hundred and eighty dollars to five hundred and twenty dollars. The decision was first announced by Prime Minister John Briceño in his New Year’s message. The S.S.B. says consideration was given to the current state of the economy, as well as the potential negative effect on employment in the near future.